Innovation Fund Awards Seed Capital to Seven Northeast Ohio Startups

LORAIN, Ohio, March 21, 2012 /PRNewswire-USNewswire/ -- The Innovation Fund, founded by the Lorain County Community College Foundation, is awarding $400,000 to seven technology startup companies in its latest funding round. The round included four $25,000 awards and three $100,000 awards.

Campus Shift ($25,000, Akron)
Campus Shift's (campushift.com) website and cell phone applications connect students with their campuses, helping them search and save on textbooks and stay informed of campus events. It also allows local businesses to network with students to keep them updated on events and discounts in their communities.

CellBank Technologies ($25,000, Beachwood)
CellBank Technologies will collect and then store bone marrow and stem cells from the one million patients who have knee and hip replacement surgeries each year. CellBank customers will then be able to use their own tissues for their own (autologous) bone grafting surgeries and for future approved stem cell therapies.

Quixby ($25,000, Akron)
Quixby simplifies the computer building process, providing guidance and instant compatibility and current pricing (including rebates, discounts, and shipping) comparisons. These features drastically reduce time, save the user money, and provide a worry-free buying experience.

ScoreFeeder ($25,000, Hudson)
ScoreFeeder (scorefeeder.com) is a sports media content provider that feeds digital high school sports data to the media and others. It is a web-based communications device between high schools, coaches, the media, fans, and family.

TIP Imaging ($100,000, Shaker Heights)
TIP Imaging has developed ConvergeCT, a revolutionary image quality (IQ)-based dose management system that removes the guesswork for the CT technologist. This unique product eliminates unnecessary variation due to the complexity of scanner setup, variability in scanner models and patient differences, yielding improved clinical outcomes.

via680, LLC ($100,000, Youngstown)
via680 (via680.com) has developed Ving, a web-messaging tool that combines the best of the internet into one multi-media digital package allowing senders to engage recipients and receive real-time feedback.

Zuga Medical ($100,000, Beachwood)
Zuga Medical (zugamedical.com) systems has greatly simplified dental implants and opened to the general dentistry market a novel procedure that will finally allow dentists to replace outdated bridges with clinically superior tooth restorations.

"The number of qualified new business ideas each quarter gets better and better and this last selection cycle they were exceptional," said Cliff Reynolds, co-director of GLIDE. "Fortunately the Innovation Fund committee provided us with extra funds beyond our budget this quarter to support additional companies."

Including this first quarter 2012 cycle of awards, the Innovation Fund has made 97 awards to 80 companies totaling $5.675 million since its 2007 inception. These companies have attracted more than $62 million in follow-on investments, created nearly 170 new jobs, and provided over 150 student internships.

The Innovation Fund is holding its next quarterly information session to learn more about the fund and its process on May 15, 2012. Visit the Innovation Fund's website at innovationfundneohio.com for more information or to register for the session.

About the Innovation Fund
The Innovation Fund (innovationfundneohio.com), founded by the Lorain County Community College Foundation, awards early-stage capital to technology-based companies in Northeast Ohio so they can validate their technologies and business concepts. The funding awards of up to $100,000 fill the capital needs of businesses that are at the earliest stage of development, before they can attract angel and venture capital funding.

Funds from the Ohio Third Frontier combined with matching support and contributions from the Innovation Fund partners are used to make the Innovation Fund awards. The success of the Innovation Fund is directly tied to the support from its diverse network of partners, including the Ohio Third Frontier, the University of Akron, the University of Akron Research Foundation, Cleveland State University, the Great Lakes Innovation and Development Enterprise (GLIDE), JumpStart, the Lorain County Community College Foundation, Stark State College of Technology, Youngstown State University, the Youngstown Business Incubator, and most recently Northeast Ohio Medical University (NEOMED).

SOURCE Innovation Fund